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The next bull season... Analysts watch for bullish signals in technical charts

The cryptocurrency community is abuzz with speculation that “altcoin season” is imminent. This is a period typically characterized by significant gains in alternative digital currencies.

Traders and analysts have noticed several bullish signals on technical charts, indicating that small-cap cryptocurrencies could soon see a significant increase in value.

Analysts: the arrival of the Altseason seems inevitable

Popular trader and analyst Rekt Capital recently highlighted that despite Bitcoin's volatile price action, the altcoin's market capitalization has regularly tested the $315 billion mark as a support level. This consistent behavior amid market volatility could indicate the basis of the next uptrend.

Market capitalization of altcoins outside the top 10
Market capitalization of altcoins outside the top 10. Source: React Capital

Cryptocurrency enthusiasts often turn to altcoins due to their high risk-reward ratio, anticipating major spikes during bull market phases. Altcoins generally tend to follow in Bitcoin's footsteps, increasing in value lagging the leading cryptocurrency's price movements.

Market cap charts and Bitcoin dominance metrics are used as indicators for analysts predicting when altcoins might begin their bull season. However, most altcoins have recently corrected from mid-March highs, while Bitcoin remains near its all-time high of over $70,000.

Read more: Mimi Coins Become Most Profitable Digital Currencies During Q1 2024

This correction has not discouraged analysts from closely monitoring the Bitcoin dominance chart, which has exceeded 50% since September 2023 and currently stands at 54.65%, according to Tradingview data.

The Crypto Nova analyst notes that a change in Bitcoin dominance is usually a precursor to altcoins outperforming their predecessors. Although the reversal is not yet evident, it indicates that a sideways movement on the chart often precedes such changes.
Bitcoin dominance. Source: CryptoNova

“But overall, it is increasingly clear and almost certain that a shift from Bitcoin outperformance (high Bitcoin dominance) to altcoin outperformance (low Bitcoin dominance) is taking place. produce,” added Crypto Nova.

Bullish after Bitcoin Halving?

In addition to the debate, He expressed Technical analyst Titan of Crypto has publicly expressed confidence in another altcoin season ahead. They claim that the Ichimoku indicator is likely to disrupt Bitcoin's dominance and herald the arrival of an alt season.

“Personally, I think there will be another Altseason. As in 2021, the SSB (Senkou Span B), the strongest Ichimoku line, will play an important role in disrupting Bitcoin's dominance and launching Altseason2024,” said Titan of Crypto.

BTC dominates the market
Market domination by Bitcoin Source: Kree TitanBto

In a recent message to his followers, analyst Kevin Svensson claimed that the market value of altcoins was poised to skyrocket. He highlights the post-Bitcoin halving phase as a historic turning point toward increased interest in altcoins.

“People often forget... after a decline Bitcoin The halving is when the narrative turns to dollar altcoins.

Total market capitalization of digital currencies excluding Bitcoin and Ethereum.
Total market capitalization of digital currencies excluding Bitcoin and Ethereum. Source: Kevin SFThey forget

The cryptocurrency market cap hovers around $2.7 trillion, with most altcoins trading flat. Investor anticipation is clear as market observers monitor the changing tides. Growing signs in technical charts suggest that altcoins could soon take center stage, heralding a potentially profitable season for altcoins.

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